Sports Minister Sunday Dare claims he has approved the refund of a payment wrongly given to the Athletics Federation of Nigeria (AFN) by the International Association of Athletics Federations (IAAF).
In a post on Twitter, Dare promised the funds should reach the IAAF account "in a few days".
The erroneous payment of $150,000 (£117,000/€134,000), accidentally sent to the AFN by the IAAF, sparked a crisis at the national governing body.
The IAAF mistakenly paid the sum into the AFN account two years ago - the amount due should have been an annual grant to Member Federations of $15,000 (£11,700/€13,400).
"I have approved the release of funds to refund the IAAF overpayment wrongly credited to the Athletics Federation of Nigeria," Dare said.
"In a few days from now the funds should hit the account of the IAAF barring any inter-bank delays.
"With this Nigeria's reputation is regained."
IAAF- I have approved the release of funds to refund the IAAF overpayment wrongly credited to the Athletics Federation of Nigeria. In a few days from now the funds should hit the account of the IAAF baring any interbank delays. With this Nigeria’s reputation is regained.— Sunday Dare (@SundayDareSD) October 23, 2019
In a letter sent to the AFN in May, the IAAF warned Nigeria would incur sanctions if the overpayment was not returned.
Solomon Dalung, Dare's predecessor as Sports Minister, had interpreted the warning as a threat that the IAAF would ban Nigeria from international competition.
This was later categorically denied by the IAAF, which insisted it had "no intention" to suspend the AFN.
The IAAF then claimed its President Sebastian Coe had reached an "amicable resolution" with Dalung on the repayment of the money.
In August last year, Dalung supposedly pledged to immediately sign off the repayment of half the missing money, although the IAAF has neither confirmed nor denied if this was ever paid.
It is unclear exactly how much will be repaid to the IAAF.
insidethegames has contacted the IAAF for comment.